Washington Update

On October 10, 2013, the Senate Finance Committee held a hearing on “The Debt Limit.” You can access the video and testimony from the hearing here. Treasury Secretary Jacob J. Lew testified that changes to entitlement programs could result in savings of up to half a trillion dollars over the next decade. Some of the changes Lew mentioned included slower increases in Social Security payments and Medigap policies that cover less. Other changes might include higher Medicare Part B and Part D premiums and reduced reimbursements to hospitals for patients who do not pay their medical bills. The focus on entitlement programs will no doubt be the center of attention in any budget negotiations.